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Release
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Net Asset Value as of October 31, 2018

NEWS RELEASE

Zug, November 8, 2018

Net Asset Value as of October 31, 2018

The Net Asset Value (intrinsic value) of one registered share of Private Equity Holding AG stood at EUR 84.09 (CHF 95.89) as of October 31, 2018. This represents a decrease of 1.7% in EUR and 1.2% CHF, respectively, since September 30, 2018.

The enclosed monthly newsletter shows the development of the NAV and of the share price as well as certain balance sheet data and portfolio key figures.

The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 2,606,341 as of October 31, 2018 (September 30, 2018: 2,606,341). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted direct investments, Private Equity Holding AG considers the most appropriate market valuation techniques. The fair value of listed direct investments is the market value. The NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption and usually published within six trading days after the cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published NAV and the actual total value of Private Equity Holding AG's net assets.

The Net Asset Value (intrinsic value) of one registered share of Private Equity Holding AG stood at EUR 84.09 (CHF 95.89) as of October 31, 2018. This represents a decrease of 1.7% in EUR and 1.2% CHF, respectively, since September 30, 2018.

The enclosed monthly newsletter shows the development of the NAV and of the share price as well as certain balance sheet data and portfolio key figures.

The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 2,606,341 as of October 31, 2018 (September 30, 2018: 2,606,341). The calculations are prepared in accordance with International Financial Reporting Standards (IFRS) and pursuant to the guidelines of Invest Europe (formerly known as the European Venture Capital Association). The valuations of the fund investments are based on the most recent reported net asset values (NAVs) of the funds. In estimating the fair value of unquoted direct investments, Private Equity Holding AG considers the most appropriate market valuation techniques. The fair value of listed direct investments is the market value. The NAV of Private Equity Holding AG is calculated at the end of each month under a going concern assumption and usually published within six trading days after the cut-off date. The different reporting cut-off dates of the individual companies and funds in which participations are held can lead to short-term distortions and cause discrepancies between the published NAV and the actual total value of Private Equity Holding AG's net assets.